On the go: The Findel Group Pension Fund has agreed a £175mn full scheme buy-in deal with Standard Life.
The transaction, which was agreed in February and carried out in March, has enabled the trustee to secure full benefits for around 2,000 members.
Steve Delo, chair of PAN Trustees and chair of the scheme’s trustee board, said: “The transaction will deliver security to the members of the Findel Group Pension Fund and reflects many years of hard work by a strong and attentive trustee board and their advisers, along with contributions from the sponsoring employer.”
The trustee was advised by Barnett Waddingham, FRP Advisory and Pinsent Masons on the deal. The sponsoring employer was advised by PwC.
Robert Hawkes, partner at Barnett Waddingham, added: “Securing the buy-in represents a significant achievement for the fund. We very much look forward to working closely with the trustee with the buy-in policy in place and to continue the success story for the fund.”
The scheme, sponsored by an asset manager group, consists of four sections — the group section, the education section, the galt section and the Philip & Tacey section, which are all managed separately.
This article originally appeared on MandateWire.com
